How To Rename Recycle Bin In Windows XP

1. Click Start and then Run
2. Type regedit and press Enter.
3. Open the HKEY_CLASSES_ROOT folder.
4. Open the CLSID folder.
5. Open the {645FF040-5081-101B-9F08-00AA002F954E} folder.
6. Open the ShellFolder folder.
7. Change the Attributes data value from 40 01 00 20 to 50 01 00 20.
8. Once completed change the CallForAttributes dword value to 0x00000000 (double-click and change value data to 0). You must change both of these values to get the rename to appear.
9. After performing the above steps you will be able to rename the icon like any other icon. Right-click the Recycle Bin icon on the desktop and click Rename and rename it to whatever you wish.

OR

You can rename by this process also.

1. Click Start and then Run
2. Type regedit and press Enter
3. Open the HKEY_CURRENT_USER folder.
4. Open the Software folder.
5. Open the Microsoft folder.
6. Open the Windows folder.
7. Now open MUICache folder.
8. HKEY_CURRENT_USER\Software\Microsoft\Windows\ShellNoRoam\MUICache
9. Find and Double click on the following value: 
10. @C:\WINDOWS\system32\SHELL32.dll,-8964
11. Change the value to whatever you wish. 
12. Click OK and close out regedit 
13. Click on a blank area of the desktop and select refresh from the context menu. 
14. After the screen refreshes, you recycle bin will be renamed to whatever you decided.